Mumbai, Dec 8 (PTI) Hinduja Group-owned Gulf Oil International on Tuesday said it has reached an agreement to acquire a lubricant blending plant from Ocean Tankers (PTE) Ltd, Singapore, which will help it expand market share in marine lubes.

Also Read | Moto G9 Power With Snapdragon 662 SoC Launched in India at Rs 11,999; Check Features, Variants & Specifications.

The plant, which is in the Tuas region of the Island city-nation will be acquired with wharf access, storage tank farm and terminal facility as per the agreement, Gulf Oil Lubricants India Ltd said in a release.

Also Read | Oppo F17 Pro Price Slashed in India by Rs 1,500; Check New Price Here.

The facility will be acquired and continue to operate as a going concern, it said, adding the agreement is subject to closing conditions.

The company, however, did not share specific details such as investment in the release.

Gulf Oil International is the majority shareholder in Gulf Oil Lubricants India Ltd.

"This facility provides a strategic opportunity for Gulf to invest further in the marine segment and grow its market share in marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania," said Sanjay Hinduja, Chairman of Gulf Oil Lubricants India Ltd.

"In addition, we will continue to support and grow the existing customer base of Ocean Tankers (PTE) Ltd. We are excited to welcome the associated employees to the global Gulf family and engaging with all stakeholders post closing," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)